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Tax News

From time to time, we produce information for clients on a number of topical and important issues, some of which can be found below:

Study reveals Inheritance Tax ignorance - December 7, 2016
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New research has revealed a lack of awareness regarding Inheritance Tax (IHT) rules across the UK. Research from insurance company, Canada Life, has revealed that more than half of adults surveyed were unaware that IHT is levied at a rate of 40 per cent in the UK. Almost a quarter (24 per cent) of respondents … Continue reading Study reveals Inheritance Tax ignorance


Government moves to curb salary sacrifice - December 7, 2016
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Ahead of the 2016 Autumn Statement there were rumours that the Chancellor Philip Hammond might limit the perks offered to employees by their employers. However, it soon became clear that he was out to prevent any tax advantage from salary sacrifice schemes when he announced that from April 2017 any tax and employer national insurance … Continue reading Government moves to curb salary sacrifice


Goodbye to the Autumn Statement - December 7, 2016
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The most significant announcement at last month’s Autumn Statement was possibly the announcement that this would be the last Autumn Statement. Leading professionals have long made the case for a move to a single fiscal event and this was referenced by the Chancellor in the statement. The Chancellor said: “This change will allow for greater … Continue reading Goodbye to the Autumn Statement


Small businesses to see changes to the VAT Flat Rate Scheme - December 7, 2016
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Small business users of the VAT Flat Rate Scheme who have low costs may see the rate they pay drastically increase under new changes. The Flat Rate Scheme was created to simplify businesses’ record keeping, by making it easier for smaller companies to figure out their bill. VAT is usually calculated via a two stage … Continue reading Small businesses to see changes to the VAT Flat Rate Scheme


Making Tax Digital: Update on government plans due in January - December 7, 2016
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Despite being perhaps the most significant change to the UK tax system in decades, Making Tax Digital (MTD) did not receive a single mention from the Chancellor in the Autumn Statement. But the policy was referenced in the supporting documents, revealing that the government will publish its response to recent consultations in January. The documents … Continue reading Making Tax Digital: Update on government plans due in January


Tax avoidance clampdown aims to raise extra £2bn by 2022 - December 7, 2016
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During the last few Budgets and Autumn Statements the government has made moves to prevent tax avoidance and evasion – and the latest fiscal event was no different. During this year’s Autumn Statement the Chancellor Philip Hammond announced a number of new measures to tackle businesses that avoid paying tax. According to Mr Hammond’s new … Continue reading Tax avoidance clampdown aims to raise extra £2bn by 2022


Reminder: Inheritance Tax nil-rate band on main residence to go up in the new year - December 7, 2016
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A new additional nil-rate band of £100,000 for inheritance tax on main residences, when bequeathed to a direct descendent, is set to come into effect from April 2017. In 2018, 2019 and 2020, this will rise to £125,000, £150,000 and £175,000 respectively, before rising in line with Consumer Prices Index (CPI) in subsequent years. The … Continue reading Reminder: Inheritance Tax nil-rate band on main residence to go up in the new year


Autumn Statement 2016 - November 23, 2016
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For weeks now, senior figures from the world of business have been at pains to point out just how important this year’s Autumn Statement will be. The new Chancellor, Philip Hammond, stepped up to the despatch box to give his most significant speech since he took charge of the Treasury during the summer. If his … Continue reading Autumn Statement 2016


Don’t miss the self-assessment deadline - November 8, 2016
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With only a few months left to ensure that their tax returns are completed correctly and filed on time, businesses and individuals are being encouraged to seek help. Those required or who have elected to complete a self-assessment tax return must prepare their annual records before the end of the fiscal year. Whilst the paper … Continue reading Don’t miss the self-assessment deadline


HMRC to roll out real time PAYE coding adjustments by 2017 - November 8, 2016
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HM Revenue & Customs (HMRC) has released a list of priorities to allow for real time adjustments to taxpayer’s tax codes so that they pay the right amount of tax within the current tax year, as part of their ongoing Making Tax Digital (MTD) campaign. The plans, which HMRC intends to implement in the 2017-18 … Continue reading HMRC to roll out real time PAYE coding adjustments by 2017


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